What Would a Recession Mean for the Housing Market?

According to a recent survey from the Wall Street Journal, the percentage of economists who believe we’ll see a recession in the next 12 months is growing. When surveyed in July 2021, only 12% of economists consulted thought there’d be a recession by now. But this July, when polled, 49% believe we will see a […]
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Get Ready for Smaller, More Affordable Homes Have you been trying to buy a home, but higher mortgage rates and home prices are limiting your options? If so, here’s some good news, smaller, more affordable homes are on the way. In some ways, smaller homes are already here. When the pandemic hit, the meaning of home changed. People needed the space their home provided not only as a place to live, but as a place to work, go to school, exercise, and more. Those who had that space were more likely to keep it. And those that didn’t were in a position where they were trying to sell their smaller house to move up to a larger one. That meant the homes coming to the market during the pandemic were smaller than those on the market before the pandemic – and that trend continues today. Larger homes tend to come on the market during the summer months when households with children who are out of school are looking to move. That seasonality means, based on historical trends and the fact that fall is now approaching, we can expect smaller, more affordable homes to come to the market throughout the rest of the year. What Does This Mean for You? The seasonal trend of smaller homes coming to the market in the later months of the year, coupled with builders bringing smaller, more affordable newly built homes to the market right now, is good news – especially if you’re finding it difficult to afford a home. If a smaller, more affordable home sounds appealing to you, good news – they’re coming. To keep up with what’s available in our area, DM me. #realestate #homeownership #homebuying www.DanFreshley.com

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